Crude oil slips under $88

Dec. 5, 2012 at 7:14 PM
| License Photo

NEW YORK, Dec. 5 (UPI) -- Crude oil prices dipped under $88 a barrel on the New York Mercantile Exchange Wednesday despite a larger-than-expected drawdown in U.S. crude oil inventories.

Traders expected a draw of less than 1 million barrels, but the Energy Information Administration reported a stockpile decline of 2.4 million barrels to 371.8 million barrels in the week.

Economic data released Wednesday showed U.S. factory orders up slightly in November and a gain of 118,000 private sector jobs gained in the month.

In New York, the price of West Texas Intermediate crude oil eased back, dropping 78 cents to $87.82 per barrel. Home heating oil added 0.23 cents in late trading to reach $2.993 a gallon, while reformulated blendstock gasoline gained 0.22 cents to $2.64 a gallon. Henry Hub natural gas gained 0.3 cents to $3.703 per million British thermal units.

At the pump, AAA reported a national average price for regular unleaded gasoline at $3.38 per gallon, down a tenth of a cent from Tuesday's $3.381.

Related UPI Stories
Latest Headlines
Trending Stories
TSU shooting: 1 dead, 1 wounded in third shooting this week at Houston campus
Listeria threat prompts Whole Foods cheese recall
Russia says missiles aimed at Syria did not land in Iran
Captive orca breeding banned at California's SeaWorld
Wrong drug used in Oklahoma execution